What are the consequences of Saudi Arabia’s decision on the global economy?

What are the consequences of Saudi Arabia’s decision on the global economy?
⁠link ⁠to My FX Buddies Blog https://www.myfxbuddies.com/2024/06/what-are-consequences-of-saudi-arabias.html

Professor of Economics at Al-Maqal University, Nabil Al-Marsoumi, revealed the implications of Saudi Arabia’s decision not to renew the economic agreement with the United States of America.
Al-Marsoumi stated in a blog post followed by “Al-Eqtisad News” that “Saudi Arabia’s decision not to renew the economic agreement, known as the ‘Petro-Dollar’ agreement, which was signed with the United States in 1974 for a period of 50 years and related to pricing oil in dollars, would encourage other oil-producing countries to sell oil.” In currencies other than the dollar.
He added, “It is expected that this decision, if actually implemented, will weaken confidence in the dollar globally, decrease its value, raise interest rates, increase inflation levels, and weaken the US bond market.”